### 📈 Bullish Factors Drive a Strong Upward Trend
**1. 💵 Significant Weakness in the US Dollar and Treasury Bonds, Releasing Currency Pressure**
The US dollar index has plummeted for six consecutive days, falling below the 99 mark. The 10-year US Treasury yield has fallen sharply to 4.29%, completely eliminating the biggest negative factor for gold. The rapid decline in real interest rates has significantly reduced the cost of holding gold, leading to a capital inflow into the gold market and pushing gold prices strongly above the key resistance level of 4750, fully establishing a bullish trend.
**2. 🚀 Strong Technical Reversal, Breaking Key Resistance Opens Upside Potential**
Gold prices have rebounded strongly by over $100 from the low of 4664, breaking through the two key resistance levels of 4700 and 4750, completely reversing the daily downtrend. 4750 has transformed from previous resistance into strong support. The 4-hour chart shows a bullish moving average alignment and continuously strengthening indicators, indicating ample technical upward momentum. The intraday target is 4800-4820.
**3. 📊 Moderate PPI Data Expectations, Rate Cut Expectations Rise Again**
The market expects US March PPI to be lower than the previous value. If the data meets or falls short of expectations, it will confirm that inflation has peaked and is declining, significantly increasing expectations for a Fed rate cut. The probability of a June rate cut has risen from 0% to 12%, and the return of monetary easing expectations provides additional upward momentum for gold. Bulls will likely position themselves before the US session.
**4. 🏦 Central Bank Support in the Medium to Long Term, No Deep Correction Below 4700**
The People’s Bank of China’s counter-trend increase in gold holdings and global central bank gold reserves exceeding those of the US dollar indicate that the 4700-4720 range is traditionally a buying opportunity for central banks and institutions. If a pullback occurs during the day, medium- to long-term funds will passively enter the market, forming a strong support level. A significant correction in gold prices is unlikely, and any pullback presents a buying opportunity.